This month I am sharing a list of some of the more common terms you may hear regarding real estate transactions. If you have any questions on these or any other real estate-related concerns, please feel free to reach out to me. I’ll be happy to help you out!

Craig Finnman
Re/Max Elite
(780) 982-1589
craig@craigfinnman.ca

Total residential unit sales decreased by 26.1% compared to December 2021 and decreased by 22.1% from November 2022. New residential listings were down 12.9% year-over-year from December 2021, and down month-over-month, decreasing 38.8% from November 2022. Inventory was up 6.1% from December of last year but decreased 21.8% from November 2022.

Single-family home sales are down both 31.9% from December 2021 and 24.2% from November 2022, averaging $457,371, a 1.0% year-over-year decrease and a 0.6% increase from November 2022. They spent an average of 52 days on the market, a 6-day increase from December of last year.

Condo sales were down 2.8% year-over-year and decreased 15.5% from November 2022, averaging $207,114, resulting in a 4.6% decrease year-over-year, with prices down 4.4% compared to November 2022. They spent an average of 70 days on the market, increasing by 5 days year-over-year.

Duplex/rowhouse sales also fell 41.9% year-over-year and 33.6% month-over-month. Prices decreased 1.9% from December 2021, selling at $356,822, a 0.7% decrease from November 2022. They spent an average of 47 days on the market, with no change being reported from December 2021.

All residential prices average at $361,172, a 5.2% decrease from December 2021, and a 1.9% decrease from November 2022. The MLS® Home Price Index (HPI) composite benchmark price* in the GEA came in at $373,200, a 0.9% decrease from December 2021 and 0.1% from November 2022.

If you or someone you know is looking to sell your home in Edmonton or Sherwood Park, contact me to discuss how this impacts your selling decision!

Craig Finnman
Re/Max Elite
craig@craigfinnman.ca
780-982-1589

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Total sales decreased by 14.8% compared to October 2022 and saw a year-over-year decrease of 31.2% from November 2021. New residential listings decreased 22.4% month-over-month from October 2022, with a marginal decrease of 4.3% from November of last year.⁠

Single-family home sales were down both 36.2% from November 2021 and 18.5% from October 2022 at 708. They averaged $454,541, a slight 0.6% year-over-year decrease and a month-over-month loss of 1.8%. Averaging 49 days on the market, increasing by 5 days since last month.⁠

Condo unit sales decreased 11.0% from November 2021 and were down 5.6% from October 2022. They sold for an average of $216,690, with a decrease of 4.0% year-over-year and 3.4% compared to October 2022. Averaging 58 days on the market, increasing by 3 days month-over-month.

Duplex/rowhouse unit sales were down both 42.3% year over year and 14.1% from last month. They increased 4.3% from November 2021, selling at $362,606, with a 2.5% decrease from October 2022. Averaging 52 days on the market, increasing by 4 days as compared to last month.⁠

The MLS® Home Price Index (HPI) composite benchmark price* in the GEA came in at $373,400, signaling a 0.9% decrease from November 2021, and a loss of 1.5% from October 2022.⁠

Overall, all residential listings averaged 52 days on the market, increasing by 5 days month-over-month and a 3-day change recorded from November 2021.⁠

If you or someone you know is looking to sell your home in Edmonton or Sherwood Park, contact me to discuss how this impacts your selling decision!⁠
⁠
Craig Finnman ⁠
Re/Max Elite ⁠
craig@craigfinnman.ca ⁠
780-982-1589⁠

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Read Full Market Stats Report

The Bank of Canada today increased its target for the overnight rate to 4.25%, with the Bank Rate at 4.5% and the deposit rate at 4.25%. The Bank is also continuing its policy of quantitative tightening.

Inflation around the world remains high and broadly based. Global economic growth is slowing, although it is proving more resilient than was expected at the time of the October Monetary Policy Report (MPR).

In Canada, GDP growth in the 3rd quarter was stronger than expected, and the economy continued to operate in excess demand. Canada’s labor market remains tight, with unemployment near historic lows.

While commodity exports have been strong, there is growing evidence that tighter monetary policy is restraining domestic demand: consumption moderated in the third quarter, and housing market activity continues to decline.

Overall, the data since the October MPR support the Bank’s outlook that growth will essentially stall through the end of this year and the first half of next year. CPI inflation remained at 6.9% in October, with many of the goods and services Canadians regularly buy showing large price increases. Measures of core inflation remain around 5%.

Looking ahead, Governing Council will be considering whether the policy interest rate needs to rise further to bring supply and demand back into balance and return inflation to target. Quantitative tightening is complementing increases in the policy rate. We are resolute in our commitment to achieving the 2% inflation target and restoring price stability for Canadians.

Craig Finnman ⁠
Re/Max Elite ⁠
craig@craigfinnman.ca ⁠
780-982-1589⁠

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“Sales actually popped up from September to October, and the decline in prices on a month-to-month basis got smaller for the fourth month in a row,” says CREA’s Senior Economist, Shaun Cathcart

Wondering how this impacts your home buying or selling decision? Are you interested in moving out of the province? Connect with me to discuss your options and for a trusted referral.⁠

Craig Finnman
Re/Max Elite
craig@craigfinnman.ca
780-982-1589

Your tone of voice and the words that you use can sometimes be the difference in whether a conversation is positive or not. Here are some great books to check out that offer tips on ways you can ensure that your conversations have the best outcomes.

Craig Finnman ⁠
Re/Max Elite ⁠
craig@craigfinnman.ca ⁠
780-982-1589⁠

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Total residential sales decreased 6.7% compared to September 2022 and saw a year-over-year decrease of 21% from October 2021. ⁠

New residential listings decreased 13% month-over-month from September 2022 and saw a slight increase of 0.8% from October last year. ⁠

Overall, all residential listings averaged 47 days on the market, decreasing one-day month-over-month, and no change was recorded from October 2021.⁠

Single-family home unit sales were down both 22.59% from October 2021 and 2.8% from September 2022 at 869. They averaged 44 days on the market, seeing no month-over-month increase. Single-family homes averaged $462,858, a 2.7% year-over-year increase and a month-over-month loss of 0.3%. ⁠

Duplex/rowhouse unit sales were down both 27% year-over-year and 12.4% from last month. Prices increased 3.7% from October 2021, selling at $372,027, and saw a 1% decrease from September 2022. Duplexes averaged 48 days on the market, increasing by three days as compared to last month. ⁠


Condo unit sales decreased 14.7% from October 2021 and were down 13.9% from September 2022. They sold for an average of $224,252, seeing a small decrease of 0.3% year-over-year and increasing 1.7% when compared to September 2022. Condos averaged 55 days on the market, decreasing by one-day month-over-month. ⁠

The MLS® Home Price Index (HPI) composite benchmark price* in the GEA came in at $378,900, both a 0.7% decrease from October 2021 and a decrease of 2.5% from September 2022. ⁠

If you or someone you know is looking to sell your home in Edmonton or Sherwood Park, contact me to discuss how this impacts your selling decision!⁠
⁠
Craig Finnman ⁠
Re/Max Elite ⁠
craig@craigfinnman.ca ⁠
780-982-1589⁠

Read Full Market Stats Report⁠

During this time of year, our thoughts are filled with gratitude for those who have supported us in our personal lives and careers. Here are some ideas on how to host an event that extends that gratitude to helping others in need.⁠
⁠
Craig Finnman ⁠
Re/Max Elite ⁠
craig@craigfinnman.ca ⁠
780-982-1589⁠

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Total unit sales decreased 12.2% compared to August 2022 and saw a year-over-year decrease of 15.7% from September 2021. All residential listings averaged 48 days on the market, increasing by 4 days month-over-month and 4 days compared to September 2021.

New listings increased 1.7% month-over-month from August 2022 and saw a small increase of 3.7% from September of last year.

Single-family sales were down both 21.9% from September 2021 and 13.5% from August 2022. They averaged $463,051, a 2% year-over-year increase and a month-over-month decrease of 1.1%, and averaged 44 days on the market, an increase of 7 days from August 2022.

Condo sales saw a decrease of 1.5% from September 2021 and were down 13.2% from August 2022. They sold for an average of $220,013, seeing a slight decrease of 1.9% year-over-year and no change when compared to August 2022. Condos averaged 56 days on the market, increasing by 2 days month-over-month.

Duplex/rowhouse unit sales were down both 7.2% year-over-year and 4.9% from last month. Duplex prices increased 11.6% from September 2021, selling at $375,923, and saw a 4.3% decrease from August 2022. Duplexes averaged 45 days on the market, an 8-day increase compared to last month.

The MLS® Home Price Index (HPI) composite benchmark price* came in at $388,800, a 2.2% increase from September 2021, with a small decrease of 2.6% recorded from August 2022.

If you or someone you know is looking to sell your home in Edmonton or Sherwood Park, contact me to discuss how this impacts your selling decision!

Craig Finnman
Re/Max Elite
craig@craigfinnman.ca
780-982-1589

Read Full Market Stats Report

Online shopping can be easy and fun. But unfortunately, there are many scammers who want to steal your identity and your money. The information here provides tips on ways you can protect your personal information and your finances when shopping online.

Craig Finnman ⁠
Re/Max Elite ⁠
craig@craigfinnman.ca ⁠
780-982-1589⁠

Did you hear the news? The BoC increased the overnight lending rate by 0.75%, which is another increase for the 5th time in a row. The Prime rate is expected to increase by 0.75% to 5.45% and Variable rate mortgages will increase by 0.75%.⁠ ⁠

The Bank’s committed to price stability and will continue to do what is required to achieve a 2% inflation target. As the effects of monetary tightening work their way through the economy, the BoC will assess how much higher interest rates need to go to return inflation to its target.

The current inflation rate is measured at 7.6% decreasing from 8.1% in the previous month.⁠ ⁠ The next announcement is scheduled for October 26th and there's certainly hope that October will be more positive.⁠ ⁠

Craig Finnman ⁠
Re/Max Elite ⁠
craig@craigfinnman.ca ⁠
780-982-1589⁠

Watch Video

Total sales decreased 8.3% compared to July 2022 and saw a year-over-year decrease of 12.0% year-over-year from August 2021. New listings decreased 10.5% month-over-month from July 2022 but increased by 0.9% from August of last year. ⁠

Single-family home sales totaled 1,034, down 17.0% from August 2021 and 10.8% from July 2022. Condo sales increased 5.8% from August 2021 but were down 1.5% from July 2022. Duplex/rowhouse sales were down 22.7% year-over-year and 15.0% from last month. ⁠

Single-family homes averaged $469,757, an increase of 1.8% year-over-year and a 4.1% decrease month-over-month. All residential listings averaged 42 days on the market, an increase of 3 days month-over-month.⁠

If you or someone you know is looking to sell your home in Edmonton or Sherwood Park, contact me to discuss how this impacts your selling decision!⁠

Craig Finnman ⁠
Re/Max Elite ⁠
craig@craigfinnman.ca ⁠
780-982-1589⁠

Watch Video

July saw its first large decrease in the Edmonton real estate market. Single-family homes averaged 33 days on the market, seeing an increase of six days from June 2022.

If you or someone you know is looking to sell your home in Edmonton or Sherwood Park, contact me to discuss how this impacts your selling decision!

Craig Finnman
Re/Max Elite
craig@craigfinnman.ca
780-982-1589

Sales activity continues to slow in the face of rising interest rates and uncertainty but the market still continues to be strong.

Wondering how this impacts your home buying or selling decision? Are you interested in moving out of the province? Connect with me to discuss your options and for a trusted referral.

Craig Finnman
Re/Max Elite
craig@craigfinnman.ca
780-982-1589

There was an increase of 4.1% in residential listings from June of last year and single-family homes averaged 27 days on the market, seeing an increase of four days from May 2022. ⁠

Read Full Market Stats Report

If you or someone you know is looking to sell your home in Edmonton or Sherwood Park, contact me to discuss how this impacts your selling decision!⁠ ⁠

Craig Finnman ⁠
Re/Max Elite ⁠
craig@craigfinnman.ca ⁠
780-982-1589⁠

May 2022 market stats are out! Average single-family price increased 5.7% YOY and the number of properties sold increased 4.4% YOY. If you or someone you know is looking to sell your home in Edmonton or Sherwood Park, contact me to discuss how this impacts your selling decision!

Craig Finnman
Re/Max Elite
craig@craigfinnman.ca
780-982-1589

Greater Edmonton Area sales are up 2% from last April and prices are up 11.4% for Single Family homes. Contact me to discuss how this impacts your buying or selling decision!

Craig Finnman
Re/Max Elite
(780) 982-1589
craig@craigfinnman.ca

March 2022 stats are out! Contact me about how this impacts your home sale or purchase in 2022.

Craig Finnman

Re/Max Elite

craig@craigfinnman.ca

780-982-1589

**WATCH VIDEO**